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Fan Yang

Bitcoin Reaches the $8400 Resistance; A Break Opens Up $9000-$9200

A couple of sessions ago, we noted that Bitcoin (BTC/USD) was on a bullish run and might push to the $8300-$8400 area before it sees resistance.

For a couple of sessions, Bitcoin's price stalled around $8000 but eventually broke higher and is now testing the $8400 area. 

BTC/USD Daily Chart

(click to enlarge)

Resistance:

  • As we can see on the 4H chart, Bitcoin is aon a strong rally that broke above some key resistance factors.
  • The $8400 area involves a support/resistance pivot and is the current resistance.
  • If price stalls here during the 4/15 session, we will likely see a bearish divergence between price and the RSI in this 4H chart.

    Other Key Levels and Scenarios: 
  • if this is the case (price stalls for a session), we can see a retreat to test the $8000 area again this time as support.
  • Failure to hold above $8000 might open up the $7525-$7600 area, a previous support/resistance pivot. 
  • Now if price holds above $7500 and is able to break above $8420, we might see price push towards the $9000-$9200 area, which is the next key resistance area. 

From CoinPowR